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20130201
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previously reported. the dow continues to fluctuate after hitting 14-thousand. the debt ceiling bill is now before the president after the senate passed a short-term debt limit suspension.the president is expected to sign it. what that means is the country will pay its bills and not default on its obligations thru may 18th. there's a catch to the bill. lawmakers have to pass a budget by april 15th or they won't get paid. since 2001, congress has raised the debt ceiling eleven times. the bill will increase the nation's 16-point-4 trillion dollar debt limit by about 450 billion dollars. coming up next the latest in alabma where a child hostage situation enters its fourth day. plus a student is in custody after opening fire inside a middle school in atlanta. and another cabinet member in president obama's administration announces his resignation. [ washer and dryer sounds ] for the things you can't wash, freshen them with febreze. febreze eliminates odors and leaves a light fresh scent. febreze, breathe happy. we're learning more about the alleged gunman who continues to hold a you
indicators in terms of what the economy is doing. that debt ceiling vote the senate has approve it, the house already did so we can borrow morgan to pay our bills through may. congress at that point will have to deal with it again. richard? >> tracie potts in washington. thank you. new yorkers are waking up to the news of the passing of an icon, one of the city's and nation's most outspoken and popular politicians, ed koch has died of congestive heart failure. he served in world war ii and later was elected to three terms as mayor of new york city. ed koch dead at the age of 88. dramatic and contention day of testimony for senator charlie hagel. >> reporter: john mccain seized on hagel's opposition to the surge in iraq. >> the question is, are we right or wrong? that's a pretty straightforward question. >> well, i'm not going to give you a yes or no answer. >> reporter: over his 2008 comments related to israel that a quote jewish lobby intimidate a lot of people in congress. >> name one person in your opinion who is intimidated by the israeli lobby in the united states senate. >> well, first
. and it's at that point when boehner says to the president, "hey, you know, on this debt ceiling stuff, we ought to do something big." >> narrator: on and off for weeks, obama and boehner met in secret. >> boehner calls these "the nicorettes and merlot sessions." the president is having iced tea and chewing a nicorette. and boehner is having a glass of merlot red wine and smoking a cigarette. >> narrator: it was obama's dream negotiation. a bipartisan deal. >> if the speaker and the president could come to a deal, and they both, as we used to say, hold hands and kind of jump off the ledge together, then they could not ram through, but they surely, with the strength of their positions, would have a very good chance to sell them the package. >> narrator:he psident offered entitlement cuts. the speaker offered increased revenue from taxes. with less than two weeks to go, they thought they had a deal. it became known as the grand bargain. >> it's not every day that the speaker comes to see the president quietly and says, "i'm willing to do a deal" that everybody knows is going to be dangerous
of default. >> whited lawmakers decided his best to delay the debt ceiling? >> about two weeks ago they tried in 2011 to use the debt and then as a leverage point to force obama to swallow spending cuts. it worked, but it is terribly damaging to the nation's economy and their political capital. with something like 90% in august of 2011 and they recognize this is a bad idea. thing is a pretty bad idea of a downgrade for the first time. they didn't want to do that again, but they didn't want to vote for a thicker national debt either. that doesn't care what their philosophy to pick them up with a strategy and in the meantime we want the senate to pass a budget for 2014 and the law says if either chamber fails a budget, paychecks will be docked. the whole idea is to postpone the economy default situation until the prosecutor at the continuing fight over taxes and then made to a point where both sides are satisfied in the debt limit can be raised again. >> how a template of a increasing the deficit in effect the economy and financial markets? >> where do you know the answer. it's sort of jan at t
to delay having to debate raising the debt ceiling? >> well, it was a decision by house republican leaders a few weeks ago. they tried in 2011 to use the debt limit as a lynch -- leverage point to force obama to swallow spending u cuts. it worked but -- [inaudible] to something like 9%. and they recognize that it was a bad idea. i mean, gambling with the credit of the united it turned out is a bad idea. we were downgraded for the first time in nation's history. they department want to do that again. like i said, i didn't want to vote for a bigger national debt either. that doesn't fit with their philosophy. they came up with the strategy of saying we're going us is fend. and in the meantime, they want the senate to pass a budget for 2014 and the law salses that -- says that if either chamber fails to adopt a budget by april 15, the paychecks will be docked. the idea of the thing is to postpone the sort of economy raddling default situation until they can prosecute the continuing fight over taxes and spending to a point where, you know, both are satisfied and the debt limit can be raised ag
Search Results 0 to 4 of about 5